477 replies to this topic

[Trident]

Why doesn't that surprise me?

[Conlazmoodalbrocra]

Why doesn't that surprise me?

I know. Who'd pay good money for a lame horse?! I'm sure the Bond franchise and the two Hobbit films are the only things that are driving bidders.

[zencat]

Most surprising part of this article is the news that MGM released a remake of FAME last year. They did?

[danslittlefinger]

I think it's about time Bryce called in a few favours and bought it.

[Trident]

I think it's about time Bryce called in a few favours and bought it.

I think minus Bond and Hobbit actually most members would be able to buy it by now. The only real problem then is to call up the debts remaining...

[RivenWinner]

Most surprising part of this article is the news that MGM released a remake of FAME last year. They did?

And that was part of the problem, not the solution. While other studios were out there making at least *some* original films, MGM's stated goal was to remake their entire library of films everyone had already seen: MOD SQUAD, ROLLERBALL, FAME, PINK PANTHER, ROBOCOP, RED DAWN, POLTERGEIST, DRESSED TO KILL, WALKING TALL, MISSING IN ACTION, in addition to dragging out the corpse of Rocky Balboa and John Rambo.

Other than the 007 series and THE HOBBIT, I wouldn't waste a nickel on this studio. It's pure junk.

First off, Rambo is not an MGM franchise. Never has been. Secondly, this recent clout of remakes are, sadly, rather typical of all Hollywood studios. Many of these projects, which actually have been in development hell for years, were started during the previous regime at MGM. New films for both RoboCop and Poltergeist have been in the pipe for years. Rollerball was made in the early 2000s, so I wouldn't exactly count it as a serious offender to the current situation, however, multiple Rollerball flops do eventually cause a problem, and yes, in the past decade MGM has remade multiple of its films--Rollerball, The Pink Panther (the first new one actually performed well), The Amityville Horror, Fame, and the upcoming Red Dawn. That being said, I don't see it that much different from other studios. During this time, MGM/UA also produced original films--Windtalkers, Flyboys, Barbershop, Valkryie, Home of the Brave, Lions for Lambs, Capote, Saved, Mr. Brooks, and the upcoming Hot Tub Time Machine, The Zookeeper, and Cabin in the Woods.

I think when looking at the current MGM situation, a distinction must be made: pre-2005 MGM, and post-2005 MGM. In the early 2000s, MGM was losing a lot of market share, but they still were able to produce multiple successful films--Die Another, Saved!, Hannibal, the Barbershop films, the Jeepers Creepers films, the Legally Blond films, and then other films that had moderate success as well. Of course, there were big budget flops as well--Windtalkers, Rollerball, Bulletproof Monk. After the studio was purchased by the consortium of investors, MGM was forced to co-distribute X amount of films with Sony--the last two Bonds/Pink Panther films, Into the Blue, etc.

Shortly after the buyout, the Weinstein brothers left Miramax and formed The Weinstein Company. In order to save money, they struck a deal with MGM where MGM would distribute their films theatrically. This would also help keep MGM's presence in the public as they prepared and were reorganizing themselves to produce and distribute their films once more. Things didn't turn out as anticipated though, as most of the Weinstein's films flopped or had little audience appeal--Harsh Times, The Darwin Awards, Bobby, Breaking and Entering, Hannibal Rising--among various others.

On the home distribution side, things were rather messy as well. Pre-2005, MGM was handling its own home video distribution. After the buyout, Sony took control of distributing MGM's films, to mixed results. The MGM board was basically p!ssed off at how poorly Sony was doing, so they voted to move operations over to 20th Century Fox. I think this was in late 2006? 2007? Can't remember. Reading recent articles, it seems that Fox hasn't been able to fully capitalize on MGM's library and distribute and handle the films in a successful way.

MGM's film library has been bringing in less revenue with each successive year, BUT, it makes sense, because DVDs are in the decline, and let's be honest, consumers have had years to purchase catalog films. The key in the library's profitability, (which is MGM's main asset, along with 007, Pink Panther, Rocky, and Stargate---which people forget) is to successfully market and sell these films in the new digital age---for home pc use, ipods, Xbox Live, and other portable electronics. Once Blu-Ray fully takes off, there will be cash to be made there as well.

long story short: it's a hell of a mess, compounded by multiple factors from the past few years, and going on beyond that, the past few decades, thanks to crappy owners like Ted Turner and kirk kerkorian who essentially pillaged the studio with little concern of its future success.

--also: I didn't go into the recent United Artists restructuring, with Puala Wagner and Tom Cruise, which had tons of potential, but obviously, failed.

[Safari Suit]

Good lord, are/were they really planning on remaking Missing in Action? They really are intent on remaking films that only make sense within the context of their era (c.f. Red Dawn) aren't they?

[bondrules]

so things don't look so good......

[danslittlefinger]

http://www.variety.c...mp;ref=vertfilm

First MGM bids due today
Offers aren't binding and may not prevent bankruptcy filing
By DAVE MCNARY

Can Leo the Lion find a savior?

The answer to that long-running question will become a bit clearer today, when the first round of bids for the entire package of MGM assets is due. Expectations that MGM's going to attract an acceptable offer -- something above the $2 billion range -- have been dialed down during the two months since it went up on the auction block.We find it unlikely that MGM's creditors would cleanly agree to a sale price materially below $2 billion," wrote analyst Anthony DiClemente of Barclays Capital in a research note this week. If creditors aren't satisfied, he wrote, "The studio would likely file for bankruptcy and try to sell itself while in Chapter 11 proceedings."

Time Warner, Lionsgate, AT&T, Liberty Media and Summit are among the likely bidders. Speculation has focused mostly on Time Warner, since it has more than $9 billion in cash from the recent spinoff of its cable systems and would gain full control over "The Hobbit."

News Corp. has expressed interest, but it's uncertain if it will make a bid due to concerns over terms of the nondisclosure agreement.

About a dozen companies have signed nondisclosure agreements for a closer look at MGM's finances.

The problem for MGM is that it's not a 'must-have' asset right now," one source said. "The cash flow from the library has taken a real hit because of the decline in DVDs, and it's probably going to be several years before that's replenished in new media."

MGM's library generated more than $450 million in cash in 2008, but that figure has plummeted since then. The library now generates less than $300 million a year, informed sources said.

The first round of bids are nonbinding and designed to ascertain the studio's value. MGM's assets include the 4,000-title library, the right to make new James Bond and Pink Panther movies, the Lion logo, the United Artists operations and half ownership of the two "Hobbit" movies.

Once bids are in, financial adviser Moelis & Co. will evaluate the offers and recommend whether to launch another round of bidding or to have MGM attempt to restructure its debt on its own.

MGM's fiscal year ends March 31, so management -- led by turnaround specıalıst Stephen Cooper -- will have to come up with a plan before then to spell out how the Lion's going to continue operating.

Looming over MGM is a possible bankruptcy filing if debtholders aren't satisfied. They've agreed to forgive debt payments through Jan. 31, and it's expected they'll grant another "forbearance" extension to allow the process to play out further.

In addition, MGM's facing the repayment of its $250 million revolving credit line in early April.

MGM released only one movie last year -- a revamp of "Fame" that cumed just $22 million domestically -- and has slotted "Hot Tub Time Machine," "The Zookeeper" and "Red Dawn" this year and "Cabin in the Woods" in 2011. It's a co-financer with Warner Bros. on the two "Hobbit" films, expected to begin production this summer in New Zealand with Guillermo del Toro directing.

MGM carries a debt load of $3.7 billion from the Sony buyout. The Lion was taken private in 2005 by a consortium led by Sony, Providence Equity Partners, Texas Pacific Group and Comcast, with the group paying $2.85 billion and assuming $2 billion in debt as part of the purchase.

Time Warner owns the pre-1985 MGM library through its 1996 buyout of Turner Broadcasting.

[triviachamp]

MGM needs to hire Jeff Zucker. And Bring back Pierce as Bond.

[DamnCoffee]

Ugh WB will probably get it and we'll end up with ty menu-less Blu-rays

Better than Sony ripping us off with ty special features then releasing a special edition a year later?

Does it matter? It's only a movie. If they want to release a special edition tie in let them. It isn't hurting anyone. It's simple really, it's only ripping you off if you buy them, so don't. If you don't want to upgrade then don't.

[bondrules]

MGM needs to hire Jeff Zucker. And Bring back Pierce as Bond.

How about Jay Leno as M?

[DamnCoffee]

I hope Lionsgate get it actually. I wonder what the latest news is?

[bondrules]

I hope Lionsgate get it actually. I wonder what the latest news is?

I think Lionsgate is after the Terminator rights.

[DamnCoffee]

Oh, if they get Bond and Terminator, they'll make quite a bit. Two famous film series', I would love to be in their shoes.

[Zorin Industries]

Apparently if Lionsgate get it they are going to follow the release pattern of the SAW franchise and release three Bond films 8 months apart.

If a company is interested in taking the very dead TERMINATOR franchise I really don't want them anywhere near Bond. Whilst they have a worthy tally of solid films on their shelves, they have also a lazy tendency for schlocky nonsense and a squirrelling habit of collecting library films.

[The Shark]

Apparently if Lionsgate get it they are going to follow the release pattern of the SAW franchise and release three Bond films 8 months apart.

What a refreshing change that would be for Bond.

No more 2 to 3 year waits...

[DamnCoffee]

You know something, I really don't feel sorry for MGM. Lets be honest, they haven't exactly released any decent films in the past 10 years? Or have any decent ones in the works? (Bar the Bond movies, and the Hobbit project, of course)

In fact, I haven't actually seen one MGM related movie in my life, except the Pink Panther Series, Terminator and all the Bonds. No wonder they're going bankrupt. They haven't exactly helped themselves.

My guess is that they think Bond will always save them, and it won't. No matter how well they do commercially. MGM need loads of other projects to get off the ground properly, and I really do think that they're too lazy enough to do it.

[Zorin Industries]

MGM has not been MGM for a long time. It has always had problems and been prone to money-led wrong turns (which the Broccoli family are long aware of too).

[danslittlefinger]

Jan. 14, 2010, 10:11 p.m. EST · Recommend · Post:
India's Reliance Entertainment may reportedly bid for MGM Studios


MUMBAI (MarketWatch) -- Indian billionaire Anil Ambani's Reliance Entertainment may bid for iconic U.S. film studio Metro-Goldwyn-Mayer Studios Inc., the Economic Times reported Friday, citing a person familiar with the development.

The deal size is likely to be about $2 billion, the newspaper said without elaborating.

MGM has been put on sale by a consortium of over 100 bankers, the report said.

Newspaper Web site: http://www.economictimes.com

[Rufus Ffolkes]

Apparently if Lionsgate get it they are going to follow the release pattern of the SAW franchise and release three Bond films 8 months apart.

If a company is interested in taking the very dead TERMINATOR franchise I really don't want them anywhere near Bond. Whilst they have a worthy tally of solid films on their shelves, they have also a lazy tendency for schlocky nonsense and a squirrelling habit of collecting library films.

I really hope it isn't Lionsgate either. They're very much a B-movie studio and I fear they'll drive Bond into the ground.

At this point, I wouldn't be surprised if MGM gets sold off piecemeal, with The Hobbit going to Warner, Bond going to another studio and the MGM/UA back catalogue to a third party.

[Trident]

Apparently if Lionsgate get it they are going to follow the release pattern of the SAW franchise and release three Bond films 8 months apart.

If a company is interested in taking the very dead TERMINATOR franchise I really don't want them anywhere near Bond. Whilst they have a worthy tally of solid films on their shelves, they have also a lazy tendency for schlocky nonsense and a squirrelling habit of collecting library films.

...


At this point, I wouldn't be surprised if MGM gets sold off piecemeal, with The Hobbit going to Warner, Bond going to another studio and the MGM/UA back catalogue to a third party.

My thoughts exactly. This is a case where the parts would seem to be more valuable than the whole thing. And, much as I understand how painful this is for us fans, the sole interest here is the creditors' money. I think we all can understand their motivation of saving as much as possible from the sinking ship.

[Joe Bond]

Apparently if Lionsgate get it they are going to follow the release pattern of the SAW franchise and release three Bond films 8 months apart.

If a company is interested in taking the very dead TERMINATOR franchise I really don't want them anywhere near Bond. Whilst they have a worthy tally of solid films on their shelves, they have also a lazy tendency for schlocky nonsense and a squirrelling habit of collecting library films.

...


At this point, I wouldn't be surprised if MGM gets sold off piecemeal, with The Hobbit going to Warner, Bond going to another studio and the MGM/UA back catalogue to a third party.

My thoughts exactly. This is a case where the parts would seem to be more valuable than the whole thing. And, much as I understand how painful this is for us fans, the sole interest here is the creditors' money. I think we all can understand their motivation of saving as much as possible from the sinking ship.

If this does happen I hope the MGM library goes to Warner since I could see them moving ahead and getting some of the classic titles on Blu-ray (The Great Escape and The Big Country to name a few) and I hope they get the Bond rights as well since they seem to be the least meddling studio around since they actually allowed Zack Snyder to have quite a bit a freedom with Watchmen.

[bondrules]

So much in the air........It's going to be a looooong weekend indeed.......

[RivenWinner]

A piece by piece sale is looking more likely, and for many of us fans, that's the worse that can happen. I share the sentiment that many of you have in hoping that TimeWarner purchases MGM/UA. It's a perfect fit, really. They already own MGM's older back catalog, and purchasing the film studio would finally bring all of its films, operations, and logos under one house.

Laugh if you will, but Leo the Lion is one of the most recognizable and marketable film logo across the globe, and TimeWarner could still use it for great effect. And, as many of have stated, they do an EXCELLENT job releasing older films on DVD / Blu-Ray. After spinning off TimeWarner Cable, they do have some spending money...

...but, everything is very much up in the air.

Looking at the debt that's piled up for MGM makes it hard to look at with a straight face. After the 2005 buyout you would think they would have come up with an efficient game plan to minimize spending and loss of revenue and what not, but goodness. I remember about a year ago looking at their debt and deadlines and thinking to myself that it would be humanly impossible for them to get out the mess.

[Germanlady]

Anil Ambani plans a takeover of MGM Hollywood studio: Report
London: Leading Indian entrepreneur Anil Ambani plans a takeover of the Metro-Goldwyn-Meyer Hollywood studio in an attempt to become one of the world`s most powerful film bosses, the `Daily Telegraph` reported today.



When contacted, a Anil Ambani Group spokesperson declined to comment.

Anil Ambani already owns a controlling stake in Steven Spielberg`s DreamWorks studio and has struck a series of deals with stars including Hollywood stars Brad Pitt, Jim Carrey, Julia Roberts and George Clooney to develop their films.

Anil Ambani-led Reliance Big Pictures produced two most successful films last year while its current blockbuster `The Three Idiots` has broken Indian box office records.

According to the report, he hopes to expand his influence with an ambitious bid for MGM, the Hollywood studio which owns the James Bond franchise. Sources close to Ambani confirmed his interest in acquiring MGM and it would help him to achieve his ambition to become the world`s most powerful film mogul, the report said.

Ambani is a respected tycoon whose empire spans power generation, distribution, insurance, financial services and communication. His company is India`s second largest mobile phone operator, it said.

The acquisition of MGM would bring one of Hollywood`s greatest film libraries under his control and land a series of likely box office hits over the next three years, the report said. MGM will release a new James Bond film in 2011, starring Daniel Craig, and two Hobbit films starring Sir Ian McKellen.

According to the report, MGM needs a buyer to avoid potential bankruptcy later this year when a series of debts must be repaid. Its current consortium of owners is asking for bids beyond USD 2 billion, but debts of USD 3.7 billion mean it is likely to be sold for a lower figure.

http://spicezee.zeen.../story51510.htm

If Steven Spielberg allows him near Dreamworks, he cannot be all bad.

[bondrules]

Anil Ambani plans a takeover of MGM Hollywood studio: Report
London: Leading Indian entrepreneur Anil Ambani plans a takeover of the Metro-Goldwyn-Meyer Hollywood studio in an attempt to become one of the world`s most powerful film bosses, the `Daily Telegraph` reported today.



When contacted, a Anil Ambani Group spokesperson declined to comment.

Anil Ambani already owns a controlling stake in Steven Spielberg`s DreamWorks studio and has struck a series of deals with stars including Hollywood stars Brad Pitt, Jim Carrey, Julia Roberts and George Clooney to develop their films.

Anil Ambani-led Reliance Big Pictures produced two most successful films last year while its current blockbuster `The Three Idiots` has broken Indian box office records.

According to the report, he hopes to expand his influence with an ambitious bid for MGM, the Hollywood studio which owns the James Bond franchise. Sources close to Ambani confirmed his interest in acquiring MGM and it would help him to achieve his ambition to become the world`s most powerful film mogul, the report said.

Ambani is a respected tycoon whose empire spans power generation, distribution, insurance, financial services and communication. His company is India`s second largest mobile phone operator, it said.

The acquisition of MGM would bring one of Hollywood`s greatest film libraries under his control and land a series of likely box office hits over the next three years, the report said. MGM will release a new James Bond film in 2011, starring Daniel Craig, and two Hobbit films starring Sir Ian McKellen.

According to the report, MGM needs a buyer to avoid potential bankruptcy later this year when a series of debts must be repaid. Its current consortium of owners is asking for bids beyond USD 2 billion, but debts of USD 3.7 billion mean it is likely to be sold for a lower figure.

http://spicezee.zeen.../story51510.htm

If Steven Spielberg allows him near Dreamworks, he cannot be all bad.

Spielberg did allow Bernie Maddoff near his charity, and look at how that paid off.

[Qwerty]

MGM continues to solicit bids

James Bond studio home has received at least two bids thus far

[Qwerty]

MGM suitors await second-round invites

Warner Bros., Lionsgate, Elliott place bids for James Bond studio

[blueman]

Sounds like movement is happening, I was afraid that no bids would come in, or that they'd all be so low as to be considered untenable.

Hopeful a deal evetually happens, and Bond 23 continues apace.